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HRA Annual Report <br />The year of 2014 was another year of progress for the Elk River Housing and Redevelopment <br />Authority. The HRA is committed to assisting the community in increasing property values and <br />strengthening neighborhoods through reinvestment and support. The following are highlights of <br />projects completed by the HRA. <br /> <br />Housing Tax Increment Financing (TIF) Policy <br />The HRA revised the Tax Increment Financing Policy to allow more appropriate screening of <br />Housing TIF applications. This update provides a valuable tool in supporting housing and <br />redevelopment projects for the City. <br /> <br />Property Assessed Clean Energy Program (PACE) <br />The HRA and Sherburne County are partnering with the St. Paul Port Authority to offer financing <br />to home and building owners for specific energy efficiency and renewable energy upgrades. The <br />Property Assessed Clean Energy (PACE) program is now available to property owners that if <br />interested; are eligible to receive 100% financing, repaid as a property tax assessment, for up to 20 <br />years. Another tool in the tool box that we have been actively marketing over the past 9 months. <br /> <br />HRA Owner-Occupied Rehabilitation Policies and Procedures <br />The HRA established a Housing/ Owner occupied loan program. The three year pilot project, in <br />partnership with the Central Minnesota Housing Partnership provides low interest loans to <br />residential property owners in the core downtown residential areas. Policies and procedures were <br />established to determine eligibility of applicants. The program is funded by the HRA at $100,000 <br />per year, 85% of that goes to the property owners. The first partial year of this program showed <br />modest interest, with a waiting list established. We expect this program to grow in the coming years. <br /> <br /> <br /> <br />